Here's my quick financial analysis of your situation:
1) Start paying off some loans during residency. I wish I started doing some payback sooner. If you could even commit $5k each year of residency (a lot of FM residencies pay close to $55k per year), there you could knock your debt down to -
$335k.
2) First year of practice after residency, on a 1 year guarantee @ $220k.
- Find a job that gives you a nice signing bonus, say, $20-30k taxed. So that's potentially another $15k post-tax =
-$320k
- see if you can land a job that gives you loan repayment too. For instance, my current job adds an additional $1k per month for loan repayment ($750 post tax / month = $9000, dump it as extra payments to the principal of your loan =
-$311k
- max your deductions for retirement: $18.5k for 401k, $5.5k IRA, $3.5k for HSA (single) - out of the $220k salary, this leaves you with $192k post tax salary, if you deduct say 25-28% for taxes that's $138k take home. Say you live like a resident for a few years and your yearly expenses are around $50k (which you can still live really great on $50k). that leaves you with $88k per year.
- invest $20k of that every year in an investment / taxable account. That leaves you with $68k per year, or about $5.5k to put towards your loans every month.
3) If you're able to refinance your loan to a better rate, do it! For example now, with $311k in debt remaining and paying $5.5k every month towards it at 5% interest, it would take you 5.5 years to pay it off.
Loan pay off calculator:
Pay Off Loan Calculator - Find out how long it will take to pay off your loan | Calculators by CalcXML
BUT WAIT THERE'S MORE!
This is all presuming you 'just' work 36 hours at your standard office job.
If you want to work hard, say in your first year you work 4 days a week to equal 36 full time hours in the clinic, and on the day off, you work a 10 hour shift at urgent care to make another $1100 per week (or $3k extra, after tax, per month). Apply that 3k monthly to the principal and now you're talking
3 years and 4 months to pay it off.
BUT WAIT THERE'S MORE!
Let's say after your first year in practice, you built up a busy, large patient panel and you're quick and efficient and can see 30 patients a day in the 4 clinic days in the office. Taking 6 weeks of vacation, you'd make $400,000 just in your clinic job. ($260k take home). Don't blow your extra income on fancy cars or luxuries, maintain that $50k / year expenses, and you can dump in an extra $100k theoretically in years 2-3 and voila, you would have paid off your loans in
2+ years!
Main gist of it: side hustle, pick up extra shifts, practice good but efficient medicine, make money, don' tallow your expenses to balloon out of control, and you can pay off your large loan in 3-5 years with a bit of discipline.
Disclaimer: I did this math in between seeing patients so I hope I calculated it right.
Side note: If you still aren't sure you can do it, use me as an example. I will pay off $200k in loans in 5 years after residency, while maxing out all my retirement accounts and investments, and saved enough also to put down $200k for construction loan to build a house. I plan on retiring by age 53-55 once the baby is out the house!